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What to Expect for Commercial Insurance Rates in 2019

Excerpted from 2019 National Real Estate Investor Outlook story.

The most frequent question I’m asked today is “How will the 2018 hurricane season impact the insurance market in 2019?” As the current marketplace struggles to find its footing between hard and soft markets, rates are scattered, and carriers are targeting anywhere from a 5% decrease to a 20% increase. 

Although an overall pricing decrease is becoming less common, it is still achievable for the right type of portfolio. Generally, newer construction risks with few losses are getting the best terms and pricing at renewal. We’re now seeing most markets satisfied with a 5% average overall increase, though a few markets are pushing for higher rates on certain asset classes with significant exposure to natural catastrophe perils.  

Fortunately, the harrowing images of the damage caused by Hurricanes Michael and Florence are not indicative of the actual impact they will have on insurance rates. Total insured losses from these storms are expected to be at most $13 billion. However, the insurance marketplace is capitalized to withstand a $100 billion-plus event, and these storms should not dramatically impact the property insurance marketplace. Renewals in hurricane-prone regions are expected to be somewhere between flat and a moderate +7% increase, which is the result of a strong, well-capitalized reinsurance market flush with alternative capital.   

The flood events from Hurricanes Harvey, Irma, Florence and Michael in recent years have created an increased awareness of the importance of adequate flood coverage. The majority of flood insurance is purchased through the National Flood Insurance Program (NFIP), which has continued to take on record debt each year, reaching a total of $30 billion in 2017.  

The Federal Emergency Management Agency (FEMA) has made significant changes to the program recently, including rate increases across almost all policies. NFIP rate increases are averaging 8%, with the most significant increases coming in as high as 25% for pre-FIRM, non-primary residential and commercial locations.   

Alternatively, the private flood insurance market has proven to be a competitive option for mitigating the rate increases and uncertainty associated with the National Flood Insurance Program. Flood insurance is a difficult coverage to underwrite, and the increasing sophistication of the private market can deliver a more price-stable alternative for property owners. 

The insurance market in hail exposed regions has become very challenging. Hail-related claims in Texas, Oklahoma, Colorado, Kansas, Missouri and Nebraska have increased significantly both in frequency and severity over the past few years. Carriers that have not exited the market in these states have responded by increasing both rates and deductibles. Depending on loss history and location, rate increases for portfolios in these states can range from 5 to +15%.  

Multifamily has become the most challenging sector within the real estate industry when compared to retail, office and industrial. Over the past several years, carriers have aggressively underwritten multifamily risks to gain market share and grow premium volume. Unfortunately, these aggressive underwriting practices have caught up to carriers not charging enough premium to cover the inevitable underwriting losses. Rate increases for multifamily risks that have experienced significant losses can be as high as 20%. In these scenarios, aggressive risk management practices should be implemented to prevent and minimize future losses.  

In conclusion, although we are not in a hard market, rate increases are expected in 2019. An awareness of what to expect for your portfolio will be an important part of planning for your insurance renewal.   

As Managing Director, Matt Harrell brings a wealth of industry experience to Franklin Street Insurance Services. He can be reached at Matthew.Harrell@FranklinSt.com. 

 

For full 2019 National Real Estate Investor Market Outlook, visit https://www.nreionline.com/

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Miami Apartments Expected to Stay Hot in 2019

Excerpted from Multi-Housing News story.

South Florida continues to have strong demand for rental communities. Yardi Matrix research shows that unit deliveries remain above the past five-year average in 2018. More than 50,000 apartments have been constructed in South Florida since 2011, with another 10,800 units being built this year, according to a recent Marcus & Millichap report. Rental inventory grew by 4,800 units in Miami-Dade County, the highest amount in the region. Despite the delivery of rental inventory, occupancy rates have not been significantly impacted and are holding strong at near 95 percent occupancy.

A chronic shortage of entry-level housing is keeping the renter pool full. South Florida’s strong economic fundamentals are shining a bright light on the apartment sector. More than 260 people are moving to the region every day, supporting the creation of more than 111,000 jobs over the past year. Strong hiring prospects are also leading to the formation of at least 55,000 households this year, many of which will choose to rent as a lack of starter homes persists. As renter demand steadily rises and multifamily construction begins to pull back from the highs of a few years ago in some areas, vacancy rates are falling across the region once again, keeping rent growth on an upward trajectory.

POPULATION INCREASE DRIVING DEMAND
Multifamily demand is being pushed by the population influx in Broward, Palm Beach and Miami-Dade Counties. The tri-county area is expected to see close to a 2 percent population increase this year. This wave of new residents was accompanied by rising single-family home prices, which helped drive the demand for multifamily properties. Florida’s economy is also booming with solid job growth and rising wages. In 2018, the state’s economy hit the $1 trillion milestone for the first time, making Florida the 18th largest economy in the world.

The multifamily sector has been soaring in large part because of our strong economy and the lowest unemployment rates in decades. Florida’s jobless rate also dropped to an 11-year low of 3.4 percent in October. However, the recent stock market volatility could mean that the Federal Reserve will keep increasing interest rates steadily. As rates continue to rise, property owners start to fear the erosion of equity and property values. Because of this, we have seen an increase in owners looking to capitalize on the strong multifamily market. 

Keep in mind, everyone needs a roof over their head and multifamily properties are among the most stable investments. Therefore, it is the preferred asset class among investors. So, owners will try to capitalize on the increased investor demand and low available inventory by selling now to capture top-of-the-market prices and cash out their profits. Meanwhile, buyers are looking to take advantage of the still historically-low interest rate environment and lock in long-term debt before interest rates rise further.

TOP SUBMARKETS FOR INVESTORS
Little Havana is an incredible multifamily market in the shadows of Brickell City Center just west of downtown Miami. We have seen enormous investor interest in the land currently occupied by older existing buildings. Hialeah, El Portal and the MiMo District are neighborhoods where apartment rents are extremely stable, and vacancies are almost nonexistent. Allapattah and Little Haiti are two other hot spots. The Homestead area south of Miami has also become a popular market for investors who are priced out of the high-end areas and are looking for a lower price-per-door.

FOREIGN INVESTORS BOOSTING MARKET
Our near-term outlook remains extremely positive. Miami-Dade County is a gateway market and shares unique synergies with Latin America and many other international countries. The political and social unrest in Latin America has brought an influx of foreign capital to Miami from countries such as Nicaragua, Mexico, Brazil, Argentina and others.  South Florida’s apartment market also benefits from the thousands of people who are migrating here as they seek a more stable economy, the benefits of living in a tax-free state and great all-year-round weather.

Miami’s lack of affordable single-family homes, coupled with rising mortgage interest rates, means that many of these newcomers are turning to apartments as an alternative housing option.  The apartment market will experience a healthy expansion, but we won’t have the same year-over-year, double-digit sales growth that we saw from 2011 to 2017. Pricing and occupancy rates should stabilize as well. Cap rates are still compressed and will remain so if demand stays strong.

Hernando Perez is director of investment sales at Franklin Street, which specializes in multifamily brokerage throughout South Florida and Miami.

For full story, visit https://www.multihousingnews.com/post/miami-apartments-expected-to-stay-hot-in-2019/

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Here’s how this Orlando real estate firm is planning to grow

Excerpted from Orlando Business Journal story.

When Yvonne Baker joined Franklin Street in September 2016, the commercial real estate firm operated out of an executive suite.

The Tampa-based company had opened an Orlando office in May 2016 with one employee before growing to around 21 employees and a permanent office space at 20 N. Orange Ave. in downtown Orlando. The firm has also seen its total amount of property square feet managed grow by more than 40 percent to 1.14 million square feet in 2018. Meanwhile, Franklin Street reported $30.5 million in total sales and transactions in 2017.

And the real estate firm only wants to get bigger. “Franklin Street is in an aggressive growth mode across our geographic and business line footprints,” Baker said.

Baker recently spoke with Orlando Business Journal on the firm’s growth plans, her own real estate journey and her thoughts on Central Florida commercial real estate 2019.

For full story, visit https://www.bizjournals.com/orlando/news/2018/12/24/heres-how-this-orlando-real-estate-firm-is.html

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Bayside Ventures Sells Multifamily Complex in Tampa for $23.3M

Excerpted from REBusinessOnline story.

TAMPA, FLA. — Bayside Ventures V LLC has sold The Avenue Apartments in Tampa for $23.3 million. The Avenue Apartments LLC, a partnership led by a local investor with Canadian equity partners, purchased the 216-unit property. The Avenue Apartments was built in 1984 and is situated about three miles from the University of South Florida. Amenities include a swimming pool, fitness center, laundry facility and a resident clubhouse. Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger of Franklin Street Real Estate Services in Tampa represented both parties in the transaction.

For full story, visit https://rebusinessonline.com/bayside-ventures-sells-multifamily-complex-in-tampa-for-23-3m/

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Franklin Street closes $3.4M sale

Excerpted from Jax Daily Record story.

Franklin Street’s North Florida office brokered the sale of Casa Grande Apartments, a 59-unit community in Jacksonville.

The property is at 6455 San Juan Ave. in the Hyde Grove neighborhood.

The purchase price of $3,414,000, or $57,864 per unit, was the highest price per unit for a 1960s-era multifamily property of less than 100 units sold in the Jacksonville market.

Franklin Street’s Jim Reed, director of multifamily investment sales, brokered the sale on behalf of the seller, a California-based real estate investment group, with the assistance of St. Johns Properties of Jacksonville, which will be managing the property for the buyer. 

The buyer is a consortium of investors led by Rama Krishna of Cupertino, California, who have acquired 130 apartment units in Jacksonville this year.

Franklin Street’s Lonnie Kitchen provided insurance services. Agency financing was provided through the Atlanta office of CBRE.

For full story, visit https://www.jaxdailyrecord.com/node/115998

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Franklin Street Completes Sale of 216-Unit Multifamily Community for $23.3 Million in Tampa, Florida

Franklin Street has completed the sale of The Avenue Apartments in the Temple Terrace submarket of Tampa, for $23.3 million. The 216-unit multifamily property is located at 9101 Avenue Clue Drive in Hillsborough County. The Avenue Apartments, LLC, a partnership led by a private local investor with Canadian equity partners, acquired the property from locally-based Bayside Ventures V, LLC. Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger of Franklin Street Real Estate Services in Tampa represented both parties in the transaction. Franklin Street’s Lonnie Kitchen provided insurance services for the asset.

“The Central Florida marketplace remains strong as the lack of construction of entry-level housing (both for rent and for sale) continues to push occupancies in rents in the workforce housing segment,” said Kattan, managing director of multifamily investment sales at Franklin Street’s Tampa office.  “We see this trend continuing for the long term, as construction costs appear to be fundamentally shifted away from making entry-level housing a profitable construction business.  Assuming that is the case, landlords will have leverage to keep rents moving up and occupancies high while residents will have to absorb the higher costs of living due to lack of alternative choices.”

Built in 1984, The Avenue is conveniently located close to the University of South Florida, one of the largest schools in the nation, and one of the area’s largest employers. Amenities include a swimming pool, fitness center, laundry facility and resident clubhouse.

Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger have over 60 years of combined experience with multifamily real estate in the Tampa Bay Region.

About Franklin Street: Celebrating more than 10 years in the business, Franklin Street is a family of full-service commercial real estate companies focused on delivering value-add solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Real Estate, Capital, Insurance, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide.

Learn more about Franklin Street at FranklinSt.com.

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Temple Terrace apartments sold for $23 million

Excerpted from Tampa Bay Business Journal story.

A Temple Terrace apartment has been sold for $23.3 million.

Franklin Street said Thursday that it represented both the buyer and the seller in the sale of The Avenue Apartments, at 9101 Avenue Club Drive. The purchase price breaks down to $108,000 per apartment or $125 per square foot.

The buyer was The Avenue Apartments LLC, a local investor backed by Canadian equity partners. Bayside Ventures V LLC was the seller; Bayside paid $7.2 million for the property in 2011, according to Hillsborough County property records.

The Franklin Street team included Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger. Franklin Street’s Lonnie Kitchen provided insurance services.

For full story, visit https://www.bizjournals.com/tampabay/news/2018/12/20/temple-terrace-apartments-sold-for-23-million.html

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Franklin Street Completes $23.3 Million Multifamily Sale in Tampa

Franklin Street has completed the sale of The Avenue Apartments in the Temple Terrace submarket of Tampa, for $23.3 million. The 216-unit multifamily property is located at 9101 Avenue Clue Drive in Hillsborough County. The Avenue Apartments, LLC, a partnership led by a private local investor with Canadian equity partners, acquired the property from locally-based Bayside Ventures V, LLC. Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger of Franklin Street Real Estate Services in Tampa represented both parties in the transaction. Franklin Street’s Lonnie Kitchen provided insurance services for the asset.

“The Central Florida marketplace remains strong as the lack of construction of entry-level housing (both for rent and for sale) continues to push occupancies in rents in the workforce housing segment,” said Kattan, managing director of multifamily investment sales at Franklin Street’s Tampa office.  “We see this trend continuing for the long term, as construction costs appear to be fundamentally shifted away from making entry-level housing a profitable construction business.  Assuming that is the case, landlords will have leverage to keep rents moving up and occupancies high while residents will have to absorb the higher costs of living due to lack of alternative choices.”

Built in 1984, The Avenue is conveniently located close to the University of South Florida, one of the largest schools in the nation, and one of the area’s largest employers. Amenities include a swimming pool, fitness center, laundry facility and resident clubhouse. 

Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger have over 60 years of combined experience with multifamily real estate in the Tampa Bay Region. 

About Franklin Street: Celebrating more than 10 years in the business, Franklin Street is a family of full-service commercial real estate companies focused on delivering value-add solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Real Estate, Capital, Insurance, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com.

 
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2019 Top 10 Under 40: Andrew Wright

Excerpted from Tampa Magazine story.

Hometown: Bexley, Ohio
Alma mater: Miami University

What I do: “Franklin Street is a full-service real estate company. It services the entire life cycle of investors and occupiers and their utilization of real estate. I started it 12 years ago out of an apartment complex with someone that I knew from work. Before that I had worked for a national brokerage shop. I’ve always been entrepreneurial. I had three jobs since I was 13. I used to bag groceries, coach Little League sports and deliver newspapers for five years. I’ve always been a worker. I didn’t really like where I was, primarily around culture. It wasn’t that I didn’t like the business or what I was doing. I thought that we could do something a little bit better and build it around people. We really service two audiences of clients: investors and occupiers of real estate. Investors, from the acquisition, property management, insurance, debt and equity financing, and then the disposition. That’s the life cycle. Occupiers are users of real estate — businesses that need space, we do property management, project management, which is the buildouts, site selection, lease administration, and really all of that. You might be a great restaurateur or a great accountant, but you’re not a real estate person, so you need someone to help you through those aspects of the business.”

Turning point:
“I wouldn’t say there was one property or project specifically. I think where we tested our strategy and found it to be successful was the Great Recession. Our strategy from the very beginning was multiple lines of business — being able to have offensive and defensive type businesses. Our transactional businesses are the brokerage, the debt and equity, leasing, tenant representation. You do a deal and there’s nothing tomorrow. Insurance and property management are recurring revenue businesses. Insurance specifically is not economically correlated, whether it’s a good market or a bad market, people require insurance, particularly here in Florida. That was the original thought process. The downturn really tested that strategy right out of the gate. We not only made it through but thrived in that environment. I think expertise is only showcased when things are difficult. When things are easy, expertise isn’t as valued. It showed the resiliency and it proved out our strategy, and it really differentiated us from our competitors early on.”

Why commercial real estate? “I like the tangibility of it. I probably would be a very good hedge fund trader, but “click, click, click, click, click” isn’t really rewarding. Not only is real estate tangible — you can see it, feel it, touch it and prove it — but it’s a really people-intensive business. We don’t sell products, we’re service-based, so all the different disciplines, whether it be insurance or finance or management, which includes maintenance and construction, accounting, marketing, all those disciplines collide at real estate. Real estate is such a broad term. You build something, and it’s there forever. The building we’re in will be here well after I’m not.”

Charitable & philanthropic effort: “We’re very active philanthropically — children, veterans, disabled, homeless. We’ve been part of Feeding America, the Children’s Home. My wife and I chaired the most successful Karamu event for the zoo in its 30-year history. I’m on the board of the Positive Coaching Alliance and the First Tee, which are both character developing organizations through youth sports. Discipline, hard work, how to get along with people from all different backgrounds, how to lose, how to pick yourself up. You don’t learn those things in math and science. We support pediatric cancer causes — Cut for the Cure. I’ve had my head shaved for that event. We did Fashion Funds the Cure, we’ve done their food drive. We’ve been involved with Junior Achievement. My COO is on the board there. My partner’s involved in BizTown. I’m on the board of my children’s school, volunteered to lead the effort to build an early childhood education building. We feed the homeless at Metropolitan Ministries every year. We try to have at least one philanthropic event per quarter per office. You are the community you create, so be engaged. We’re not just people who have jobs. We’re citizens of the community. United Way, we’ve been involved with. Habitat for Humanity, we’ve built homes. American Heart Association, we just completed over $40,000 in fundraising for them. We were involved with both the Heart Ball and Heart Walk. Just this past weekend, I was part of the executive cabinet supporting Jeff Vinik. Kids’ toy drives, food drives. Academy Prep, we have two members of ours who are board members there. It’s a great organization.”
 
Why you give back: “Growing up I had a lot of family members who always lived with us. My grandparents immigrated from Colombia, and you always had people coming, and even though we didn’t grow up in an extremely wealthy family with a lot to give, my mother and father were always very generous with what we could do — not just in dollars, but in time and shelter. My brother and I had to double up on several occasions to make room for more people. Also, I think tragedy touches everybody. Whether it’s someone you know or a story that you hear, all you have to do to get your perspective realigned is to spend some time giving back. As early as 14 or 15, I ran a 10K for the American Heart Association in a tux. It’s just been part of my fabric and my DNA forever.”

When I’m not in the office, you can find me…
“With my kids, mostly being a taxi service. I have four daughters, ranging from 11 to 6 months, so there’s a wide array of activities. My oldest daughter is into golf. My second child is big into horseback riding. My third child is not too engaged in activities but certainly full of personality, so I’ll have long conversations with her where she does 90 percent of the talking, which is probably the cutest thing in the world. We spend a lot of time as a family doing activities and going out. I try not to teach them to be lazy and push them to get out and do things. Between work and family, I don’t have much time for anything else. I’ve been with my wife for 12 years married, together for 19 years. You’ve got to put intentional effort into keeping those relationships going.”

Mentor: “I think different parts of my life, I’ve had different mentors. Definitely my father growing up was a tremendous figure for me — getting up, working, being disciplined, pushing me in a number of respects. Once I got started, another gentleman, Jeff Myer, kind of broke me into, you’re not in school anymore, you’re in the business world. He was a great person. He passed away a few years ago, so that was very difficult. Then another gentleman by the name of Ron Glass, who was my largest client when I started in the business, he was someone twice my age, but we connected on a very deep personal level and were able to talk throughout. Certainly he’s been a big part of my career.”

Philosophy: “I try to live by four main values: collaboration, integrity, accountability and hard work. In a world where everything changes, it’s hard to find these anchors in life because it’s all about being adaptive and change management. And it’s true. If you stay still, things will pass you by pretty quickly. In reflection, with collaboration, I love people and I love working with people. I think that is one of the most important things in life — the quality of your relationships and your ability to connect with people. It make sense. The team is always stronger than the individual. I’m very much a believer in groups and teams, whether it be sports or military or business or philanthropy or school, that’s a big part of it. Accountability — do what you say when you say you’re going to do it. Or, in today’s world, let me know in real time why you can’t. That’s part of being on a team. You have to be accountable, and you have to know people are going to do what they need to do to move things forward. Hard work.

“One of my favorite quotes is something to the effect of, I know lots of people who had intellect who did nothing and people who had the right opportunity did nothing with it. But life is really is about pressing on. There is no success story that didn’t have hard work behind it. Then integrity, that’s an all-the-time thing, not a sometimes thing. Who am I is very important to me, not in a vain way, but as it relates to being with my children or as it relates to trying to be a good leader for the people who have graced me by following me. If I were doing things that did not make myself proud, between, on the weekends and nights and not being faithful to my wife or not trying to be honest and forthright with my dealings, it takes a lifetime to build that reputation and 30 seconds to ruin it. You really need all four values. And you have lots of derivatives, in terms of discipline and excellence, and a lot of these buzzwords. But I find they’re all extensions of those four things.”

Best piece of advice I can give others: “Just go do something. Your options aren’t start something or be out on the street. Sometimes I think people get too caught up in the downside, whether it’s, I’m waiting for the right time to have my children. I want to be prepared. Well, life passes you by. I don’t want to start my business because I don’t know if it will be successful. Well, maybe it fails. You go back and get a job. You’ve just got to do. Now, you’ve got to be calculated, and you can’t be tossing two sheets to the wind. But I do think you just have to try things in life and go forward. You only have one shot. You don’t get any do-overs, and regret is not something that anybody wants to have.”

My favorite thing about Tampa: “The convenience. I think Tampa is always underrated as one of the most convenient cities. If you’ve ever lived in any other place, you underestimate how convenient Tampa is. The people would be the next component of it. I believe in this kind of I-75/I-95 corridor. I’m from Ohio, and I think there are a lot of people who are welcoming and inviting. There are so many people who are involved in the community. There are so many great causes and people doing wonderful things. There’s tremendous opportunity. Tampa is absolutely a booming area. When I first moved here, it was like, who lives in Florida? You go there to vacation, but nobody actually lives there. The more time you spend down here, you realize the weather’s great most of the year, it’s very convenient, you have a tremendous assortment of activities. I get to take my kids to Disney World for a day in an hour’s drive and come back home and sleep in our own beds. What an amenity for people who have kids. Even flying, there’s a lot of direct flights to places from Tampa. You have a pretty diverse community, generally speaking. You have a great Latin influence, from Cubans to Puerto Ricans to Colombians. It’s a great melting pot of a community. And we’re aspiring to be better. I think that’s something, as a community, you don’t necessarily see in all places. We have so many great things going on and so many people trying to take great chances and move forward. You put all those things together, and I think it makes for a great community.”

App I can’t live without: “Email and text.”

Dream vacation: “When I was 13, my grandparents took my brother and I on a three-month trip in an RV across the country. I saw everything — the Grand Tetons, Crazy Horse Mountain, Devil’s Tower, Mount Rushmore, the Grand Canyon. I’ve seen every presidential birthplace and burial ground. The list goes on and on. I didn’t appreciate it as much at the time. I was without my friends for the entire summer. I wanted to be on my GameBoy or whatever it was, but in hindsight, what a trip of a lifetime. It’s not just because of the sights that I saw but because of the time I was able to spend with them without being connected to everything else. I cherish those memories to this day. I want to do that with my children at some point — take a few months and get in an RV and just drive all over the place. My wife reminds me it’s a little more difficult with four daughters. Bathroom time would be a little more interesting. Everything becomes a little more difficult when you have that many people, so we’ll have to figure out the logistics of that. That’s absolutely my dream vacation.”

For full story, visit https://tampamagazines.com/2019-top-10-under-40-andrew-wright/

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Western Palm Beach County a Hit with Retail Investors

Excerpted from CoStar News story.

Retail investors have again targeted a well-traveled corridor in an affluent section of western Palm Beach County, Florida.

Village Shoppes on 441 in Royal Palm Beach sold to an investor at a foreclosure auction for $20.6 million, or about $72 per square foot. The property is a little more than a mile away from Shoppes at Isla Verde in Wellington, Florida, that sold last month for $73.75 million, or more than $356 a square foot, to MetLife Real Estate Investments.

Royal Palm Beach and Wellington are two strong markets where retailers want to be because of a growing population with high-end homes and disposable incomes in one of Florida’s wealthiest counties, brokers say.

JBL Asset Management of Hollywood, Florida, plans major renovations to add value to the 28-year-old Village Shoppes at 10101 Southern Blvd., said Bryan Belk, broker for Franklin Street, which represented seller CWCapital of Bethesda, Maryland.

CWCapital was the special servicer for the property. Records show Gertz Builders & Developers of Fort Lauderdale, Florida, paid $38 million for the 285,045-square-foot center in 2007, in the middle of the last real estate downturn.

Belk said there were more than a dozen bidders for the property.

“What that speaks to is there are a ton of firms out there trying to chase value-add deals,” said Belk, who brokered the sale with Franklin Street’s John Tennant.

For full story, visit http://product.costar.com/home/news/816691786